Relocating your Business: One Huge Consideration and Many Small Ones
When new firms approach me because they’re looking for commercial space in the western US, they all have the same question. And so, my answer is always the same. Whether it’s leasing industrial space or buying retail property, business owners want to know:
“What is the most important factor I need to consider in the relocation or expansion of my business?”
There’s a one-size-fits-all answer, but then things get personal. The single most important factor for your move is to choose an area that offers the most strategic advantage for achieving your specific goals. And since company goals vary based on company needs, this is where the one-size-fits-all answer becomes very individual.
Regardless of your company’s individual goals, it’s critical to develop an understanding about a few things in any area you’re seriously considering:
State considerations – Is it a business friendly state? Are there state incentive packages? What are the current regulatory requirements, the state tax structure and other business tax rates?
State legislation trends – What are the risks of future taxes and/or regulatory increases?
City considerations – What are the current market conditions? Are prices for sales and leases falling, on the rise or is it a balanced market? What about the skillset and quantity of the local workforce?
These are the kinds of answers a seasoned commercial property agent can answer quickly and thoroughly. So if you find yourself in the position of searching for an appropriate location in the Western US to relocate or expand your business, let’s talk.